$27.8 million, hit by lower revenue from the recycling and trading business segments, and reduced sales activities from the group’s Malaysian entity.
Gross profit was 69.2% lower at $1.7 million, with lower gross profit margins mainly attributable to lower selling prices and higher cost of sales in the recycling and trading business segments.
In addition, the group also recorded other operating expenses of $9.8 million, compared to $2.4 million in 4Q14, mainly due to a $6.7 million impairment of inventory arising from the depressed metal price environment, as well as a $0.9 million write-down of the value of an investment property.
For the full year ended June, Union Steel reported losses of $7.5 million from a net profit of $4.5 million a year ago. Revenue fell 8.2% to $133.7 million.
Union Steel says it will maintain its prudent approach in the face of a lacklustre steel market which has shown no signs of abating.
In line with its plans to diversify and expand into complementary business areas, the group recently acquire an 85.2% stake in Gee Sheng Machinery & Engineering, which carries out civil construction & engineering work and the manufacture of motor vehicle bodies (coachwork), trailers and semi-trailers.
Union Steel closed unchanged at 9.7 cents on Wednesday.
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Gross profit was 69.2% lower at $1.7 million, with lower gross profit margins mainly attributable to lower selling prices and higher cost of sales in the recycling and trading business segments.
In addition, the group also recorded other operating expenses of $9.8 million, compared to $2.4 million in 4Q14, mainly due to a $6.7 million impairment of inventory arising from the depressed metal price environment, as well as a $0.9 million write-down of the value of an investment property.
For the full year ended June, Union Steel reported losses of $7.5 million from a net profit of $4.5 million a year ago. Revenue fell 8.2% to $133.7 million.
Union Steel says it will maintain its prudent approach in the face of a lacklustre steel market which has shown no signs of abating.
In line with its plans to diversify and expand into complementary business areas, the group recently acquire an 85.2% stake in Gee Sheng Machinery & Engineering, which carries out civil construction & engineering work and the manufacture of motor vehicle bodies (coachwork), trailers and semi-trailers.
Union Steel closed unchanged at 9.7 cents on Wednesday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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